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7/22/14
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Environmental Engineering & Contracting Inc (“EEC”) has signed an 84-month lease for the entire 12.5k sf, 18th floor at City Plaza in the city of Orange. The property, located at 1 City Blvd West, will house the corp HQ for EEC, a national environmental consulting firm that specializes in wastewater, storm water, regulatory compliance and assessment and remediation of soil and groundwater.
The company plans to relocate from its current Santa Ana office to City Plaza in September 2014. Although the deal value was not disclosed, we’ve learned that the asking rate for the space is just over $2/sf/mo FSG, which works out to over $2 mil.
City Plaza is a Class A office building that contains 333.9k sf of space over 18 floors. The high-rise offers direct access to the 5 and 22 freeways and is near local attractions such as Disneyland, Angel Stadium of Anaheim, Honda Center and the new ARTIC Transportation Center.
Cushman & Wakefield’s David Dowd, Matt Didier and Jennifer Whittington represented the landlord, Greenlaw Partners. Matt Orville of Lee & Associates repped EEC.
According to Cushman & Wakefield’s Second Quarter Orange County Office Report, the City Area’s overall vacancy rate was 14.7% with a direct average gross rental rate of $1.95 for Class “A” office. Comparatively, Orange County’s overall vacancy rate was 14.8% with a Class “A” direct average gross rental rate of $2.23.
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